Rome -LRB- CNN -RRB- -- Mario Monti , the economist nominated to become Italy 's new prime minister , began talks with political leaders Monday to discuss forming a government .

The 68-year-old 's talks with political parties will continue Tuesday .

In comments after several meetings Monday , Monti said some of the delegations had discussed a `` temporal outlook '' for how long his government might last .

The time for the government `` which I am trying to create is that period between today and the end of spring 2013 , '' he said , according to a CNN translation . At any time the parliament could dissolve his government `` because of lack of trust , '' he said .

It is `` obvious '' that the task at hand is an emergency , and that to achieve economic growth and social equity `` should be the priorities , '' Monti said .

The new prime minister designate will face an arduous task , as Italy has one of the highest national debts in Europe at â ‚ ¬ 1.9 trillion -LRB- $ 2.6 trillion -RRB- -- about 120 % of GDP -- and has seen low growth in recent years .

To take the helm , Monti needs the approval of the Italian Parliament , which is composed of multiple parties with diverse interests . Silvio Berlusconi 's People of Freedom party remains the strongest force in parliament , and Berlusconi has said he plans to remain active in it .

Those diverse political interests and the pain of austerity measures could weigh heavily on Monti as he steers Italy through economically troubled waters . Some politicians in Italy have already called for elections to take place sooner than their scheduled time of spring 2013 .

Italian party leaders spoke in support of the new prime minister designate on Italy 's senate TV after exiting deliberations with Monti on the composition of a new government .

Antonio Di Pietro , leader of the Values Party , said his group is `` happy that the Berlusconi government could be replaced by the Monti government . '' His party will not block a Monti-led government , he said .

But when asked specifically whether he would give Monti a vote of confidence , Di Pietro stressed that he would not answer until he learned more about Monti 's plans and the composition of his Cabinet .

Franceso Rutelli , leader of the Alliance for Italy , also told reporters his block will support Monti 's government .

Emma Bonino of the Radical Party expressed support for Monti as well . Speaking to reporters , Bonino called for reforms to address Italy 's political and economic crisis .

Monti was nominated Sunday to replace Silvio Berlusconi as Italy 's prime minister .

Berlusconi resigned Saturday amid the country 's ongoing financial crisis . His role in Italy 's political future is uncertain .

`` For the time being he is waiting to see what is happening under the buildup of the new government under Mr. Monti , '' said Deborah Bergamini , a member of Italy 's Parliament and former assistant to Berlusconi .

On Monday , Bergamini said Berlusconi told her he wants to continue acting as the chair of his PDL party .

Berlusconi 's resignation was greeted with cheers and dancing in the streets , as people waved the Italian flag and sang the nation 's anthem .

If he becomes prime minister , Monti could bring a distinctly different approach to governing than Italy has experienced over the past three years .

`` It may be that the strong opposition ... against Berlusconi that has been going on in these years maybe will disperse itself , maybe will finish , and then we 'll have a cooperative approach on the part of all the political forces . ... Let 's hope that the international credibility of Mr. Monti will be able to work in this direction , '' Bergamini told CNN .

While the hot-blooded Berlusconi was for many years a master of forming political alliances , Monti is known for his achievements as a `` Eurocrat , '' at the heart of Europe 's institutions .

Dubbed Super Mario for his work in international finance , he served as a leading European Commission member for a decade -- including as commissioner for its financial services , market and taxation committee between 1995 and 1999 and as head of its competition committee from 1999 to 2004 .

In announcing Monti 's nomination , Italian President Giorgio Napolitano said the former European Union commissioner is `` gifted , competent , experienced '' and well-respected in Europe and internationally .

`` This is the moment of his test , '' Napolitano said .

Monti must return to Napolitano within days to accept the nomination fully , at which point he would be sworn in and officially become prime minister .

Within days of the oath of office , Monti would have to go to parliament to present his government -- essentially his Cabinet and his government plan . The upper and lower houses of parliament have 10 days from the time Monti is sworn in to hold separate votes of confidence on the new government .

Berlusconi is the second prime minister to resign this month over the debt crisis sweeping across Europe . Greece 's George Papandreou was replaced Wednesday by Lucas Papademos , a former European Central Bank official .

Investors were watching Italian bond yields closely Monday , after â ‚ ¬ 3 billion worth of five-year bonds generated decent demand .

Yields on both the five-year and 10-year bonds still remain around 6.5 % . Last week , the 10-year Italian yield spiked to a record high above 7 % -- a level that eventually led to bailouts for Greece , Portugal and Ireland .

Economists said Monday 's bond yields could indicate that markets are still nervous about Italy 's economic prospects , even with Monti in charge .

`` Now what we are seeing today is that markets probably do n't like so much politics being so effective and so active in financial matters . So my feeling is that the challenge today will be rebalancing ... politics and financial matters , '' Bergamini told CNN Monday .

CNN 's Hada Messia , Matthew Chance , Laura Smith-Spark and Zain Verjee and the CNNMoney staff contributed to this report .

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Monti says his government would aim to continue through spring 2013

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Heads of some key parties express support for Mario Monti

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Italian president : Monti is `` gifted , competent , experienced ''

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Silvio Berlusconi is the second European leader to fall this month over the debt crisis